Insurance

With increasing awareness about secured future the number of insurance seekers is increasing at a fast pace. Doors to a lucrative career in the insurance sector have opened with the entry of Insurance activity in the rural areas. The rising demand for professionals in the insurance sector and their dearth in the same ratio is leading to widespread employment opportunities in this sector.

The fact that there is acute shortage of professionals in this sector has been accepted by the committee on insurance sector headed by Mr Rakesh Mohan, the Deputy Governor of Reserve Bank of India. According to the report, domestic insurance companies are facing a shortage of professionals. The shortage is particularly acute in actuarial and treasury management professionals. Facing the shortage of professionals in the insurance sector some of the companies are joining hands with the educational institutions. Private insurance company Max New York Life has entered into an understanding with the Symbiosis Institute of Distance Learning. The company has also joined hands with the Mumbai’s school of commerce of NMIMS University and Punjab college of Technical Education for a Post Graduate diploma course. HDFC Standard Life has joined hands with Manipal Academy for almost identical course. ICICI Prudential has also joined hands with IIM Kolkata for a 10 month Executive programme whereas Metlife has tied up with the Delhi University to shape skilled professionals. Educational institutions have started Post Graduate level courses in coordination with the companies. Their duration is from three months to one year.

Qualification
Career can be taken up in the insurance sector after passing out the 12th Std.. After that admission can be sought in the BA (insurance) or  can directly start career as an insurance agent. Students who have passed out the 12 th std. with science subject can take admission in the BSc  Actuarial Science.

Opportunities
With the entry of a number of new companies in insurance sector this field is showing promise on employment front. Professionals from Actuarial and treasury management field are in high demand in the market because their demand is equally prominent in even other areas. Marketing and sales also have high demand of people. According to a report, LIC shall recruit 11 lacks agents by March 2011 to increase its working capacity. Reliance life is in the process of recruiting 90,000 agents and 2500 managers. There is a scope for the recruitment of three lack financial planning advisors and 30,000 managers in the insurance companies. Career can be taken up in the insurance sector as an assistant administrative officer, insurance surveyor, risk manager, underwriter, actuaries, insurance consultant, agent etc.

Income
The initial salary in the insurance sector could vary between Rs 8000 to Rs 10000. People working as sales manager can earn a salary of Rs 20,000 to Rs 25,000. They also get allowances. After due experience in Insurance sector one can easily earn Rs. 30,000 to Rs. 35,000 per month but an active agent can also earn Rs 12,000 to Rs 15,000 per month.

Course
From Diploma and certificate to degree and master’s degree all kinds of courses are available in the insurance sector. Duration of all courses is different. Some of the colleges are offering a three year Bachelors course in Insurance.  A PG diploma in certified risk and insurance management is also available. It is normally a three year course. Diploma in insurance and risk management is a one year course. Insurance related courses can also be pursued through distance learning. Insurance agent course can be easily done as it’s duration is only 100 to 150 Hours.

Institutions
 1. National Law University, Jodhpur-MBA Insurance
 2. Amity School of Insurance and Actuarial Science, New Delhi (PG Diploma in Insurance Management etc.)
 3. ICFAI University, Hyderabad (MBA Insurance)
 4. The Institute of Insurance and Risk Management (PG Diploma in Insurance, General Insurance and Risk Management)
 5. Bharatiya Vidya Bhavan Centre (PG Diploma course in insurance and risk management, Part Time)
 6. Institute of Certified Risk and Insurance Managers (Risk and Insurance Management Programme)
 7. University of Delhi, New Delhi
 8. Symbiosis Centre of Distance Learning, Pune